Many people dream about starting their own business and living the life of their dreams, but have you ever wondered what it takes to do so? Dubai is one of the most popular places for those who want to take that leap. However, there are some things very few know about starting a business in Dubai.
Setting up a business in Dubai
If you want to start setting up your own business in Dubai, then here are 10 facts about setting up a business in Dubai that you need to know.
1. You Don’t Need Capital To Start A Business In Dubai
Starting a business in Dubai doesn’t need large sums of capital. If you have an idea then you can start setting up your business without worrying about funding.
2. It Takes Less Than A Week To Set Up Your Own Business
It takes less than a week to set up your own business in Dubai, and this includes the registration of documents with government departments, setting up the infrastructure for the business, applying for licenses and setting up financial accounts.
3. The Average Cost To Start A Business In Dubai Is $1,000
The average cost 8 major items to setting up a business in Dubai is about $1,000. This does not include purchasing land which can cost a lot more depending on the location of the land and its size.
4. You Can Become A Business Owner In 24 Hours
It is possible to become a business owner in 24 hours or less. All you have to do is complete the set up process and open your doors for business.
5. You Can Apply For An Official License Within One Week Of Setting Up Your Own Business
You can apply for an official license within one week of setting up a business in Dubai. The license will be reviewed within the week and you can then begin operating legally. It Takes 4 Weeks To Set Up A Business In Dubai
It takes about four weeks to set up a business in Dubai unless you are setting one up in Free Zone; then it only takes two days to complete the. Business registration in Dubai takes place at the Dubai Chamber Of Commerce and Industry where you will receive an owner’s license to operate a business in the city-state. While setting up a business, ensure that the following documents are ready: – The application form for setting up a new business – Company registration certificate (issued by your company formation agent).
It takes about four weeks to set up a business in Dubai unless you are setting one up in Free Zone; then it only takes two days to complete the. Business registration in Dubai takes place at the Dubai Chamber Of Commerce and Industry where you will receive an owner’s license to operate a business in the city-state. While setting up a business, ensure that the following documents are ready: – The application form for setting up a new business – Company registration certificate (issued by your company formation agent)
6. Business License & Permit
In Dubai setting up a business in Dubai, you will need to collect several documents that will clarify what kind of activities your company is going to be engaged in. These papers are collectively known as the Business License And Permit. They include: – Trade license — this confirms that your business has been registered with the local Chamber Of Commerce and Industry and provides permission to carry out a specific type of commercial activity. The trade license is valid for one year and must be renewed annually, but the fee is quite low (only AED 100). It may be an idea to hire a lawyer in setting up your business in Dubai if you are setting up multiple companies as this can get complicated.
7. Dubai is the most populous city in the United Arab Emirates
Dubai is the most populous city in the United Arab Emirates and the second-most populous city on the Persian Gulf. Dubai is one of the seven emirates that make up the country.
8- Classified ads
Setting up a business in Dubai can be done through classified ads, which many people use to find jobs in other cities too. There are a few websites and even mobile applications dedicated to setting up a business in Dubai and finding the right employees.
9- You will need to hire local staff
Businesses require a large number of locals to function well and this may be challenging for setting up a business in Dubai, especially if you are setting it up from outside the country. Locals understand the laws better and can help you navigate your way through setting up a business in Dubai.
10- You don’t need to be a resident of the UAE but you may require a work visa
Depending upon your status, setting up a business in Dubai can be easier or trickier. A citizen of any country can set up an office in Dubai and own it without having a residence visa. However, setting up a business in Dubai may require that you get a residence visa which will enable you to operate your business from the UAE. You will be required to submit an application outlining your plans for setting up a business and setting aside some funds for starting the business.
Conclusion
Dubai is a popular starting point for people looking to start their own business and live the life of their dreams. There are some things that few know about setting up a company in this city, though. We’ve compiled 10 facts you need to know before moving there, which we hope will help make your decision easier.
Apart from that, if you are interested to know about A Short Guide to Starting a Business in Singapore then visit our Business category.
